Second quarter andfirst half 2020 resultsWE INNOVATE DIAGNOSTIC [email protected]

We innovate diagnostic efficiency

GENTIAN DIAGNOSTICSGentian Diagnostics AS is a medical diagnostics company listed on the Oslo Stock Exchange, Merkur Market. The company performs production, R&D,marketing and distribution of immunoassays at our headquarters in Norway and we are supported globally by our distribution subsidiaries in Sweden,the USA and a representative office in China.Through in-depth research into Particle-Enhanced Turbidimetric Immunoassays (PETIA), and the development of proprietary antibody and nanoparticle technology, Gentian’s immunoassays enable users to move assays from low volume immunology platforms to fully automated, high throughput instruments with shorter turnaround times, better workflow and improved cost efficiency.Gentian serves the immunochemistry segment of the in vitro diagnostics (IVD) market with products which add value to health care suppliers by improving laboratory workflow and clinical outcome. The value propositions of new products will be scientifically proven and promoted by investmentsinto clinical studies, state-of-the art marketing and selective commercial representation in focus countries.In addition, the subsidiary PreTect AS develops and manufactures molecular diagnostic tests to detect oncogenic activity in cervical samples. The products PreTect SEE and PreTect HPV-Proofer contribute to earlier detection of cervical cancer.Gentian Diagnostics’ PETIA products and product pipelineGentian develops and manufactures high quality IVD reagents for a wide range of clinical chemistry analysers. Our product lines of laboratory tests, for diversediagnostic targets, provide high accuracy and fast results for both human and veterinary healthcare. Current and pipeline products contribute to increasedlaboratory efficiency and improved outcome for patients with inflammatory/infectious, renal and cardiovascular diseases and cancer.Gentian’s current portfolio includes Cystatin C (CE marked and FDA-510(k) cleared), the calprotectin immunoassay GCAL (CE marked, US: RUO) and CanineCRP.In addition, Gentian is the sole reagent provider and manufacturer for the faecal calprotectin immunoassay fCAL turbo (CE marked and FDA-510(k) cleared)in addition to the newly launched, pancreatic elastase immunoassay fPELA turbo (CE marked, FDA Exempt). These immunoassays are sold through Gentian’spartner BÜHLMANN.For 2021, Gentian is preparing the launch of its G-1001 cardiac marker, which is designed specifically for high volume clinical chemistry platforms. Gentian’shigh throughput turbidimetric SARS-CoV-2 antibody is on a fast track development plan and also expected for launch in 2021.Market sizeTarget category(USD)GCAL 1.0BCystatin CCaninefCAL G-1001fPELA CoV-2 Ab 100M2006Renal2012Inflammation& Infection20152019InflammationInflammation& onYear offirst sale

HIGHLIGHTSRecord sales revenues of MNOK 16.6 in 2Q20, up from MNOK 10.2 in 2Q19Sales growth in 2Q20 of 64 % is especially based on Cystatin C sales in Asia. Sales in thequarter grew by 44 % YoY on a currency neutral basisSuccessful release of fPELA turbo, which is marketed by our partner BÜHLMANNGentian awarded up to MNOK 8.0 in funding to support the development of ahigh-throughput SARS-CoV-2 antibody testNew scientific publications propose calprotectin as a promising biomarker for themanagement of COVID-19 patients, which represents a new opportunity for our GCAL assay4

OPERATIONAL SUMMARYSalesSales revenue in 2Q20 showed an increase of 64 % compared to 2Q19, ending the quarter at a new record high of MNOK 16.6. For 1H 2020 the salesrevenue ended 58 % higher compared to 1H 2019. The increase is based on continued growth and especially a strong performance of Cystatin C salesin Asia where sales in 1H 2020 increased with 119 % compared to 1H 2019.Due to the COVID-19 outbreak, the company experienced in 2Q20 a strong decline in sales of fCAL turbo compared to 1Q20. There are early indicationsthat sales are now slowly picking up again throughout Europe. Nevertheless, sales compared to 2Q19 increased by 29 %.Our Swedish distribution subsidiary, Gentian Diagnostics AB, continues to have a positive sales development after securing the rights to distribute morethird-party products in Sweden.In June, the company announced the release of the new CE marked turbidimetric immunoassay for the simplified quantification of human pancreaticelastase, helping to monitor Pancreatic Exocrine Insufficiency (PEI), the BÜHLMANN fPELA turbo. This immunoassay is sold through Gentian’s partnerBÜHLMANN and Gentian is the sole reagent provider and manufacturer. For more information see announcement dated 16th of June 2020.The current outbreak of COVID-19 has had a minor effect on Gentian so far. Gentian has robust business-continuity plans in place, and production hasbeen maintained at normal levels with staff working under enhanced safety conditions. The company has also been able to make deliveries to itscustomers on time.Market developmentGCAL The market development initiatives for the novel biomarker GCAL have made good progress during the quarter. Only one of the GCAL clinical studieshas experienced some delay due to the COVID-19 situation and is expected to be up and running during fall.Results from several studies have supported the role of calprotectin in early diagnosis of infection/inflammation as well as in prognosis of deteriorationand mortality in severely ill patients. The knowledge and awareness about GCAL and its clinical use are communicated to potential customers.During the last few months of the COVID-19 pandemic, several studies have confirmed the critical role of neutrophils in patients infected with SARSCoV-2 virus. Two studies performed at universities and hospitals in Michigan, Shanghai and Washington have specifically focused on calprotectin asan early biomarker for neutrophil activation and its role in COVID-19 [1-2]. The results from these studies confirms significantly elevated levels ofcalprotectin in patients hospitalised with COVID-19. Calprotectin levels correlated with the severity of the respiratory failure and need for mechanicalventilation. Elevated levels of calprotectin were also associated with higher mortality risk due to thrombotic complications indicating the use of calprotectin as a prognostic biomarker for severity of the disease and risk of mortality.Product developmentG-1001The development work during the quarter has resulted in promising performance data coming from additional testing of clinical samples in comparison to established tests in the market. The COVID-19 outbreak related delays of reagent supply represent a confirmed challenge for the company’s planto launch in 2021, which will be addressed during the coming quarters.SARS-CoV-2 antibody immunoassayAs announced on 3rd of July, Gentian has initiated the development of a SARS-CoV-2 antibody immunoassay in order to address the emerging needsassociated with the COVID-19 outbreak to test patient’s immune status. The Norwegian Research Council will support this project with up to MNOK 8.For more information see the announcement dated 3rd of July 2020.References: 1.Shi et al., Neutrophil calprotectin identifies severe pulmonary disease in COVID-19, MedRxiv. May 2020. PMCID: PMC7274221 DOI: 10.1101/2020.05.06.20093070 2. Zuo et al., Neutrophil extracellulartraps (NETs) as markers of disease severity in COVID-19, MedRxiv. Apr2020. PMCID: PMC7276989 DOI: 10.1101/2020.04.09. 200596265

During Q2, Gentian further strengthened its commercialorganisational structure and focused on enhancing andintensifying the discussions with our customer in orderto develop successful and long lasting business relationships with market specific initiatives.Markus Jaquemar, VP Global SalesA lot of IVD companies have already established SARS-CoV-2antibody tests, however, these tests use assay technologieswhich usually result in a lower volume throughput. The Gentianantibody test will be a turbidimetric SARS-CoV-2 assay usingthe PETIA technology. The PETIA technology offers the benefitsof cost-effective open platform testing, with shorter time-toresult and higher through-put compared to other immunoassaysystems, perfectly responding to the envisaged testing needs forCOVID-19.Torsten Knüttel, VP R&D

Second quarter and first half 2020 resultsFINANCIAL PERFORMANCERevenues and GrantsConsolidated (NOK)Comparative numbers for Gentian 2019 in ()Sales, Geographic Split and Product SplitTotal operating revenue ended at MNOK 19.9(MNOK 12.1) for 2Q20, and MNOK 39.0 (MNOK24.2) for 1H 2020.20 000 00018 000 00016 000 00014 000 000Sales revenue in 2Q20 ended at MNOK 16.6(MNOK 10.2), a 64 % increase compared to2Q19. Sales revenue for 1H 2020 ended atMNOK 32.9 (MNOK 20.8), a 58 % increasecompared to 1H 2019. Adjusted for currencyeffects sales growth was 43 % YTD.12 000 00010 000 0008 000 0006 000 0004 000 0002 000 0000Geographic split:MNOKQ2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 .1AsiaTotal5.716.61.910. revenues2Q202Q191H201H19Cystatin C8.53.915.08.6fCAL 320.82020Other RevenuesCost of Goods SoldCOGS ended at MNOK 6.2 (MNOK 5.4) in 2Q20,which represents 38 % (53 %) of sales revenue.Total COGS for 1H 2020 ended at MNOK 16.1(MNOK 12.0), which represents 49 % (58 %) ofsales revenue.Product split:MNOK2019We continue to see quarterly variations butexpect to see COGS declining as a percentageof sales over time.Other operating revenue ended at MNOK 3.2(MNOK 1.9) for 2Q20, and MNOK 6.1 (MNOK3.4) for 1H 2020.COGS %70%60%50%40%30%20%10%0%Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q220182019COGS %72020

Inventory as of 30.06.2020 were MNOK 19.8(MNOK 15.4).Total Other Operating ExpensesTotal other operating expenses beforecapitalization of R&D expenses ended at MNOK14.0 (MNOK 12.0) in 2Q20, and MNOK 28.1(MNOK 24.0) for 1H 2020.Cash FlowCash flow from operating activities ended atMNOK 1.1 (MNOK -11.3) for 2Q20 and MNOK 8,6 (MNOK -17.5) for 1H 2020.Other operating expenses include salary andsocial expenses of MNOK 9.6 (MNOK 6.0) andother expenses of MNOK 4.4 (MNOK 6.0) for2Q20. For 1H2020 total salary and socialexpenses ended at MNOK 18.6 (MNOK 13.6)and other expenses ended at MNOK 9.5(MNOK 10.4). SG&A also include a share-basedcompensation of MNOK 1.7 year to date withno cash effect.Cash flow from investment activities ended atMNOK -1.2 (MNOK -0.6) for 2Q20, and MNOK 1.7 (MNOK -1.8) for 1H 2020. Capitalization ofR&D expenses amounted to MNOK 0.6 (MNOK0.5) for 2Q20, and MNOK 0.6 (MNOK 1.4) for1H 2020.Cash flow from financial activities ended atMNOK -0.1 (MNOK -0.0) for 2Q20, and MNOK 0.1 (MNOK -0.1) for 1H 2020.Total other operating expenses aftercapitalization of R&D expenses ended at MNOK13.4 (MNOK 11.5) in 2Q20 and MNOK 27.5(MNOK 22.6) for 1H 2020.OUTLOOKAt Gentian, the health and safety of ouremployees, as well as our customers andpartners, is our primary concern. Thatcontinues to be our focus as we manage ourresponse to the COVID-19 outbreak that hasproliferated globally. Gentian has robustbusiness-continuity plans in place and expectsto maintain production even if the situationdeteriorates. Gentian abides by policies of thehealth authorities in all countries of operationwhilst continuing to seamlessly support ourcustomers. Gentian may be affected by theCOVID-19 outbreak by reduced demand fordiagnostic services, especially for outpatientmarkers, and we expect some delays with ourR&D programs. The length of the delays willdepend on the duration of the outbreak.R&D ExpensesR&D expenses amounted to 36 % (44 %) of totalother operating expenses before capitalizationfor 2Q20, and 38 % (39 %) for 1H 2020.EarningsOperating profit before depreciation andamortization (EBITDA) ended at MNOK 0.2(MNOK -4.8) for 2Q20, and MNOK -4.6 (MNOK-10.4) for 1H 2020.Net financial income ended at MNOK -0.1(MNOK 0.3) for 2Q20, and MNOK 0.8 (MNOK0.3) for 1H 2020.Net profit ended at MNOK -1.4 (MNOK -20.3)for 2Q20, and MNOK -7.0 (MNOK -27.6) for 1H2020.The company estimate continued sales growthin 2020 versus 2019, with expected quarterlyvariations and so far, unpredictable effects ofthe COVID-19 outbreak.Balance SheetCash and cash equivalents as of 30.06.2020were MNOK 161.2 (MNOK 179.3). The cash isplaced in both savings accounts and currentaccounts.For Cystatin C, the company expects reducedorders from Asia in 2H 2020 due to highwarehouse levels but continuous growth in theUS and Europe. Overall Y/Y growth in 2H 2020is expected to be lower than in 1H 2020.Accounts receivables as of 30.06.2020 wereMNOK 7.3 (MNOK 8.7).8

SHAREHOLDER INFORMATION20 largest shareholders in Gentian Diagnostics AS asof 30.06.2020 according to VPS and disclosures frominvestors:For fCAL turbo, we have experienced reducedgrowth in 1H 2020. Early indications points toan increase in demand in 3Q 2020 astabilisation of the situation will depend on thecapacity of health systems to processoutpatient services under a sustained presenceof COVID-19 patients.ShareholderFor GCAL , results from several studies arepublished and additional clinical publicationsare in preparations. The company will continueits engagement with Key Opinion Leaders inthe field of infectious diseases around theworld, as well as globally respected hospitallaboratories and potential commercialpartners. In addition, Gentian has initiatedseveral study collaborations with aim toconfirm and further investigate the role ofcalprotectin in COVID-19, using Gentian GCAL turbidimetric assay and providing fast andaccurate results.For G-1001; the COVID-19 outbreak hasresulted in supply delays of reagents whichrepresents a confirmed challenge for thecompany’s plan to launch in 2021. This will beaddressed during the coming quarters.2 010 22413,05 %Hol ta Li fe Sci ences AS1 214 7027,89 %Sa fri no AS1 100 0007,14 %Sa l i x AS1 022 6266,64 %Norron Sica v - Ta rget713 0004,63 %Verdi pa pi rfondet Del phi Nordic680 0004,41 %Norda ASA649 1864,21 %Storebra nd Veks t447 4552,91 %Porti a AS433 0002,81 %Equinor Pens jon381 3202,48 %Verdi pa pi rfondet DNB SMB358 6232,33 %Bå rd Sundreha gen274 7681,78 %Si l vercoi n Indus tri es AS263 7381,71 %Cres s i da AS235 0001,53 %Vingul mork Predi ctor AS224 0831,45 %Li ones s AS220 0001,43 %Ma rs ta l AS210 5421,37 %Mutus AS210 4651,37 %Viol a AS199 9901,30 %Borga no AS186 4991,21 %4 367 49728,36 %Total Shares9%Va tne Equi ty ASOther Sha rehol dersEVENTS AFTER THE BLANCE SHEET DATEThere are no events to report after thebalance sheet date.No of Shares15 402 718 100,00 %

Statement of Comprehensive Income Gentian Group(figures in NOK thousands)Operating RevenueSales revenueOther operating revenueTotal Operating 6 6343 24419 87932 8826 12839 01010 1711 94212 11320 7843 39224 175-6 250-5 027-8 944581-19 639-16 176-10 665-17 465646-43 660-5 372-5 223-6 748457-16 886-12 002-9 332-14 6221 364-34 591239-4 650-4 774-10 416DepreciationImpairment-1 566--3 133--1 722-14 086-3 378-14 086EBIT-1 327-7 783-20 583-27 880Financial income/expenseTaxNet Profit-89-1 416832-6 951302-62-20 343323-62-27 620Operating Expenses/CostsCost of goods soldR&D costsSelling, general & administrative costsCapitalizationTotal Operating Expenses/CostsEBITDA2nd quarter Statement of Comprehensive Income is not audited10

Statement of Financial Position Gentian Group202030.06(figures in NOK thousands)AssetsNon-Current AssetsProperty, plants and equipmentRight-of-use assetCapitalized development costsOther intangible assetsFinancial assetsTotal Non-Current Assets201931.12201930.064 4201 99413 9663333620 7484 7143 06214 0763632922 2164 3994 10113 2433832622 108Current AssetsInventoryAccounts receivablesOther receivablesCash and cash equivalentsTotal Currents Assets19 7727 31710 267160 885198 24118 2248 4937 012171 238204 96715 3938 7038 735178 950211 780Total Assets218 989227 182233 887Equity and LiabilitiesEquityNet profitOther equityEquity-6 951210 147203 196-39 857248 096208 240-27 620246 754219 1349512 1703 1211 0933 2024 2956194 1924 8113 6503 2635 76012 6724 6062 5017 54114 6484 2672 1883 4879 942218 989227 182233 887Non-Current LiabilitiesInterest-bearing loans and deptLease liabilityTotal Non-Current LiabilitiesCurrent liabilitiesAccounts payablePublic deptAccrued expensesTotal Current LiabilitiesTotal Equity and Liabilities2nd quarter Statement of Financial Position is not audited11

Cash Flow Statement2020Q2(figures in NOK thousands)Cash Flow from Operating ActivitiesNet profit (loss)2020Q1201931.12DepreciationImpairmentChange InventoryChange Accounts ReceivablesChange Accounts PayablesChange in other short-term receivables/ liabilitiesNet Cash Flow from Operating Activities-1 4161 566-1 3202 610-314-111 114-5 5351 567-229-1 433-642-3 438-9 7106 13214 086-5 1267921 310-431-23 093-27 6203 37814 086-2 295582971-6 611-17 508Cash Flows from Investment ActivitiesAcquisition of Property, plant and equipmentInvestment in intangible assetsOther changes in financial itemsNet Cash Flow from Investment Activities-634-581-1 215-63-377-440-1 589-3 071-4 660-437-1 364-1 801-71-71-70-70621-226259654-79-79-172161 407-15161 221-10 221171 56762161 407-27 099198 63432171 567-19 388198 63429179 275Cash Flow from Financial ActivitiesNew debtDownpayment of loansCash flows from share issuesDividend paymentNet Cash Flow from Financial ActivitiesNet Change in Cash and Cash EquivalentsCash and cash equivalents at beginning of periodCurrency adjustmentNet Cash and Cash Equivalents2nd quarter Cash Flow Statement is not audited12-39 857201930.06

Statement of Changes in Equity(figures in NOK thousands)Equity at 01.01.2019Sharecapital1 540Share Other paid-inpremiumcapital292 5222 162Net result for the yearOther comprehensive incomeProceeds from share issueCost of share issueShare based paymentsOther changes in equityEquity at 31.12.20191 540292 780Equity at 01.01.20201 540292 780Net result for the yearOther comprehensive incomeProceeds from share issueCost of share issueShare based paymentsOther changes in equityEquity at 30.06.20201Retainedearnings-50 350Totalequity245 873-39 857-39 8572582591 8694 03195-90 1121 86995208 2404 031-90 112208 240-6 951-6 951203-96 8591 704203203 1961 7041 540292 7802nd quarter Statement of Changes in Equity is not audited135 735

NOTESAccounting PrinciplesThe interim report for Q2 2020 has been prepared in accordance with IAS 34 Interim Reporting. Theaccounting policies applied in the interim report corresponds to what was used in preparing the annualfinancial statements for 2019.CurrencyThe company uses currency rates given by DNB ASA.Capitalized R&DThere are currently two projects where the Gentian group is capitalizing R&D expenses.14

GENTIAN DIAGNOSTICS ASSEMI-ANNUAL REPORT AND DECLERATION2020Declaration by the Board and the CEOWe declare to the best of our knowledge that the interim financial statements for the period 1 Januaryto 30 June 2020 have been prepared in accordance with IAS 34 - Interim Financial Reporting and thatthe disclosures in the accounts provide a true and fair view of the Group's assets, liabilities, financialposition and overall results.We also declare, to the best of our knowledge, that the interim report provides a true and fair overviewof key events in the accounting period and their influence on the interim financial statements, themost important risk and uncertainty factors the Group faces during the next accounting period andsignificant transactions with closely related parties.Moss, 20. August 2020On behalf of Gentian Diagnostics AS:Tomas Settevik(sign.)Chairperson of the boardEspen Tidemann Jørgensen(sign.)Board memberSusanne Stuffers(sign.)Board memberIngrid Teigland Akay(sign.)Board memberKari E. Krogstad(sign.)Board memberRunar Vatne(sign.)Board memberTomas Kramar(sign.)Board memberHilja Ibert(sign.)CEO15

ucts PreTect SEE and PreTect HPV-Proofer contribute to earlier detection of cervical cancer. Gentian Diagnostics’ PETIA products and product pipeline Gentian dev elops and manufac tures high qualit y IVD r eagen ts for a wide r ange of clinic al chemistr y analyser